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What’s the sentiment around EUR/USD today? – Commerzbank and OCBC Bank

FXStreet (Edinburgh) - EUR/USD is rapidly losing ground on Thursday, dropping to the area of 1.2470 after hitting intraday tops beyond 1.2520.

Karen Jones, Head of FICC Technical analysis at Commerzbank, suggested the pair “continues to rebound off the 1.2358 recent low, the near term rebound is regarded as corrective only, but needs to halt ahead of the 1.2530 3 month downtrend for immediate focus to remain on the downside”.

In addition, FX Strategist at OCBC Bank Emmanuel Ng, observed “If 1.2500 is not breached meaningfully with the next upside way point residing at 1.2600), expect the 1.2350-1.2400 zone to continue to beckon amid a neutral posture in the near term”.

OPEC output cut likely – BNP Paribas

In an interview with Bloomberg TV, Global head of Commodity Markets Strategy and Senior Oil Market Strategists, Harry Tchilinguirian, said he expects the Oil and Petroleum Exporting Countries (OPEC) group to announce a cut in the output today.
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LME Inventory update

The daily inventory data released by the London Metal Exchange (LME) today showed a rise in the inventory levels of Nickel and Zinc. Meanwhile, the inventory levels of Copper, Aluminium and Lead declined.
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